Thursday, 29 August 2019



Massive Job Loss Looms In The Banking Sector

TonyGists App 3 Out Now. Download from Play store
https://play.google.com/store/apps/details?id=com.TonyGists.TonyGistsapp

It was previously reported that the future of banks was under threat from FinTech startups and telecoms companies.
 
 
Nigerian banks are beginning to review their business model which is still very much the traditional banking system as technology is penetrating deeper into the tasks that workers carry out.
 
Technology has already compelled some banks to limit their expansion rate, while others are shutting down their brick and mortar structures to accommodate technology. All these are happening because technology is projected to handle 30% of the work currently done at banks.
 
Part of the 30% of work that will be taken over by technology is collation of tellers. This means that the staffs who work as tellers will be major casualties of the onslaught of technology. Banks are reviewing their work system because in the next two to three years, teller jobs would likely be phased out by the financial institutions.
 
Speaking on the projected job loss, the President, Chartered Institute of Bankers of Nigeria (CIBN), Uche Olowu, said the downsizing might occur because the banks’ traditional business model is being threatened. According to him, banks are now investing in financial technology rather than invest in expansion or brick and mortar building which will accommodate more jobs.
 
Apart from their investments in Fintech, banks are also investing in specialised human capital. This paradigm shift in investment focus of banks is expected to affect departments that can be technologically driven.
 
While defending the actions taken by banks, the Managing Director/CEO, Ecobank Nigeria, Patrick Akinwuntan, said the infusion of technology into banking services was done in a bid to remain relevant as banks gradually lose monopoly over financial transactions.
 
Nairametrics had previously reported that the future of banks was under threat from FinTech startups and telecoms companies which received approval from the Central Bank of Nigeria (CBN) to conduct mobile money service.
 
They were given approval to enable the apex bank achieve its 80% financial inclusion by 2020. However, the growing popularity of FinTech startups and functionality of network providers as Payment Service Banks has placed some jobs in banks in jeopardy, as customers continue to get more reasons not to visit banks for some financial transactions which can now be done anywhere.
 
Source: Nairametrics


Are You On youtube? subscribe to our Latest Updates - @tonygists
Are You On youtube? subscribe to Xtremely Honest Channel Latest Updates - @Xtremely Honest

Are You On Twitter? Follow Us Now For Latest Updates - @tonygists1

Are You On FACEBOOK? Like Our Page For Latest Updates - tonygists

Are You On FACEBOOK? Join Our Group For Latest Updates And Interactions - TonyGists


© 2019 Tonygists | Portions are © 2019 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or distributed.

Share This Post Via

Related Posts

Previous
Next Post »


Reliance Training and Management Consulting, a dynamic, fast growing indigenous entity, was established and duly registered with the aim to nurture, develop and innovate people and organisations through customized training, development and management consulting services, with excellent performance, deep sense of commitment, transparency, honesty and responsibility, to demonstrate the highest standard of technical and operational expertise.
 


 
Reliance is competently positioned to provide technical knowledge and skills relevant to practical management and business problems, to stimulate the creativity and innovation necessary to build a better community, a better nation and a better world with a committed mind set to contributing our best to the maximization of personal potentials and skills toward optimizing productivity and achieving organisational goals.
 
for more information click RELIANCE TRAINING AND MANAGEMENT CONSULTING

AD 728 x 90size